Recession (economics): Difference between revisions

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In economics usage, the term '''recession''' is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of [[gross domestic product]]. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research
In economics usage, the term '''recession''' is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of [[gross domestic product]]. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research
<ref>[http://faq.bea.gov/cgi-bin/bea.cfg/php/enduser/std_adp.php?p_faqid=485&p_created=1206966790&p_sid=-OCpNEgj&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD0zODMsMzgzJnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1 ''Recession: how is that defined?'', Bureau of Economics, US Department of Commerce]</ref>.
<ref>[http://faq.bea.gov/cgi-bin/bea.cfg/php/enduser/std_adp.php?p_faqid=485&p_created=1206966790&p_sid=-OCpNEgj&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD0zODMsMzgzJnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1 ''Recession: how is that defined?'', Bureau of Economics, US Department of Commerce]</ref>. The term "depression" is normally reserved reference to an exceptionally  prolonged and severe recession.


==The nature of recessions==
==The nature of recessions==
==Some major recessions==
===The nineteenth century===
===The twentieth century===
===The twentyfirst century===


==References==
==References==

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Definition

In economics usage, the term recession is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of gross domestic product. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research [1]. The term "depression" is normally reserved reference to an exceptionally prolonged and severe recession.

The nature of recessions

Some major recessions

The nineteenth century

The twentieth century

The twentyfirst century

References